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Atlas Pipeline Partners, L.P. Message Board

  • vickersviscount vickersviscount Jul 17, 2008 11:33 AM Flag

    Two words - KINDER MORGAN

    had blowout earnings, and raised dividends. . .aparently pipelines aren't dead. . .

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    • Correction. Hedges WITHOUT an appropriate collar. Sorry, but I don't type very well.

    • This MLP can't seem to get out of its own way. I'm sitting on a $22,000 loss and watch this hummer hit a new 52 week low every day. Correct, I'm not a happy camper. This management seems to be the gang that can't shoot straight. They get into hedges that apparently are structured with an appropriate collar. Then they bail the hedges at the top of the market. Now, if they are not hedged on the down side, we are all going to suffer bigger and bigger loses. I kicking myself for staying with this piece of crap. Like an idiot I keep thinking it has to have hit bottom, but no, it goes down more each day. I'm not sure what will stop these valuation losses. All the MLP's have been out of favor, but this is the granddaddy of all of them. I guess I'll have to collect the distribution forever.

    • I'm not pumping anything -- my ego isn't so distorted that I think I can move a market with comments on an obscure Yahoo Finance board. Just analyzing and discussing with others.

      APL is a very different entity than it was in 2004. It looks to be 10X larger than it was in 2004 -- it would have been too small for me to look at in 2004.

      I don't worry too much about short term moves in stock prices for long-term positions when there is no fundamental reason for the move -- I deal with short-term trading windows with options as I have done with KMR, APL and others when the prices of units and options are right.

    • Kinder Morgan has the same problem with hedges that APL just got rid of. If commodity prices stay high then APLs earnings and cash flow will jump. Kinder Morgan is the darling of the marketplace and priced much the same as it was last year. Every other MLP has been beaten down over that time. For most MLPs there was no fundamental difference in company quality.

      As to APL they will probably always have a drag because of (rightly or wrongly) their management. A very checkered history, but aghain KM has had its disasters too - the gas line explosion in Arizona and resulting fines and some $50M of maintanance for example.

      APL is profitable with super cash flow. Enjoy the distributions and have patience. For those who trade MLPs - I personally think you are crazy. Market timing in thinly traded securities is not for the faint hearted.

      Patience will be rewarded in APL. ARB

      • 1 Reply to arbtrdr
      • Kinder Morgan has been around awhile and has done well by its partners.

        Especially its general partner.

        The total distributions to LP's for the 1st qtr of 2007 was $231.3 million ($.83/unit), for first quarter 2008 it was $251 million ($.96/unit). Increase per unit was at the rate of 15.7%.

        The GP received, in addition to it 2% GP share, incentive payments of $138.8 million in the 2007 qtr and $185.8 million in the 2008 quarter. This is an increase in distribution of 33.9%.

        KMR's GP gets 50% of all incremental distributions, APL's GP maxes out at 25%.

        KMR's March 30, 2008 accumulated GAAP loss on its hedges was $1.68 billion. So APL's loss isn't all that unusual; what is unusual were the steps APL took to rectify the situation.

        Given time, APL's unitholders should do better than KMR's. Unlike KMR, APL has acquired most of its holdings in the last two years.

    • Perhaps not, but APL certainly appears to be mortally wounded.

      V

 
APL
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